建材ETF（159745）跟踪的是建筑材料指数（931009），该指数从市场中选取涉及水泥、玻璃、建材零 售等相关行业的上市公司证券作为指数样本，以反映建筑材料行业上市公司证券的整体表现。建筑材料 行业具有较强的周期性和受宏观经济影响的特点，该指数能够较好地体现建筑材料行业的市场表现与发 展趋势。 （文章来源：每日经济新闻） 东吴证券指出，建筑业PMI出现回升，创历史低位后大幅反弹，体现基建稳经济的作用。在地产投资下 滑预期下，基建规模稳定具有必要性，汇率升值或推动国内宽松政策超预期。水泥行业供给侧主动调节 力度持续，产能置换加速落后产能退出，中期熟料产能利用率有望提升，尤其是西北、西南区域。2026 年在龙头引领下供给自律共识强化，错峰力度增强将支撑盈利底部，但需求不稳制约盈利弹性。若实物 需求企稳，旺季价格弹性可观，行业盈利有望环比改善，新疆、西藏等基建重点省份景气或领先全国。 反内卷政策引导有序竞争和低效产能退出，中长期盈利基础有望巩固。当前板块市净率处于历史底部， 政策落地或推动盈利修复和估值回升。 1月8日，建材ETF（159745）涨超1.2%，行业需求与政策预期受关注。 ...

建材ETF（159745）跟踪的是建筑材料指数（931009），该指数从市场中选取涉及水泥、玻璃、陶瓷等 传统建材以及新型建材生产与销售的上市公司证券作为指数样本，以反映建筑材料行业相关上市公司证 券的整体表现。建筑材料行业具有较强的周期性特征，其表现受房地产市场和基础设施建设等因素影响 较大。 中泰证券指出，水泥行业在"反内卷"大背景下呈现易涨难跌态势。《求是》杂志发文"改善和稳定房地 产市场预期"，建材作为地产链条核心行业将显著受益于地产企稳回升，水泥行业供给有望加快出清， 同比改善明显。 （文章来源：每日经济新闻） ...

今日市场探底回升，三大指数涨跌不一，深成指、创业板指盘中先后翻红，创业板指此前一度跌超 2%。上证指数收跌0.23%，深证成指收涨0.29%，创业板指收跌0.02%。沪深两市成交额1.78万亿，较上 一个交易日缩量1254亿。盘面上，地产股午后异动上涨，贵金属等板块涨幅居前，CPO、半导体题材午 后走强；银行、电力设备、计算机等板块调整。 【热点1】 据摩根大通首席中国股票策略师表示，预计随着估值正常化以及遏制产能过剩的举措提振关键行业的盈 利能力，MSCI中国指数将进一步反弹。到2026年底，MSCI中国指数将上涨约18%，沪深300指数将上 涨约12%。MSCI香港指数在资本流动和房地产市场情绪最终复苏的支撑下，涨幅可达18%。 近期国内政策积极表态为市场构建支撑，且大盘已经进行较长时间的震荡，有望迎来跨年行情的布局窗 口期。据信达证券统计，2010 年以来，每年年底到第二年春季的跨年阶段，大多会出现一段跨年行 情。行情通常持续 1-2 个月，启动时间集中在 12 月-次年 1 月。从历史经验来看，如果指数处在低位， 则跨年行情启动的时间较早，幅度较大，有正收益的概率较高。但如果指数处在高位，则跨年行情启 ...

（文章来源：每日经济新闻） 建材ETF（159745）跟踪的是建筑材料指数（931009），该指数从市场中选取涉及水泥、玻璃、陶瓷等 建筑材料生产与销售业务的上市公司证券作为指数样本，以反映建筑材料行业相关上市公司证券的整体 表现。 中信建投指出，通过供给侧改革，水泥行业采取错峰生产、淘汰落后产能等措施，新建产能必须以等量 或更大规模的已淘汰产能置换。自2016年后，政策推动下水泥行业错峰生产逐渐常态化，行业联盟通过 自律公约确保政策落实，价格稳定性提高。2015年后水泥价格大幅提升，行业盈利能力改善，ROE较长 时间保持较高水平，行业利润从2015年的330亿元提升至2018年的1546亿元。供需结构改善带来价格和 利润回升，行业集中度也有所提升。 ...

Quantitative Models and Construction Methods - **Model Name**: Style Rotation Model **Model Construction Idea**: The model is built from basic style factors such as valuation, market capitalization, volatility, and momentum. It incorporates a style timing and scoring system, leveraging micro-level features and machine learning techniques to optimize style selection and rotation[4][9]. **Model Construction Process**: 1. Start with 80 fundamental micro factors as raw features, categorized based on the proprietary multi-factor system of Dongwu Securities[9]. 2. Construct 640 micro-level features from these factors[4][9]. 3. Replace the absolute proportion division of style factors with commonly used indices as style stock pools, creating new style returns as labels[4][9]. 4. Use a rolling training process with a Random Forest model to avoid overfitting, select optimal features, and generate style recommendations[4][9]. 5. Combine style timing results and scoring outcomes to build a monthly frequency style rotation framework[4][9]. **Model Evaluation**: The model effectively integrates micro-level features and machine learning to enhance style rotation performance, mitigating overfitting risks[4][9]. Model Backtesting Results - **Style Rotation Model**: - Annualized Return: 16.52% - Annualized Volatility: 20.46% - IR: 0.81 - Monthly Win Rate: 57.01% - Maximum Drawdown: 25.68% - Excess Annualized Return (Hedged against Benchmark): 11.04% - Excess Annualized Volatility (Hedged against Benchmark): 11.08% - Excess IR (Hedged against Benchmark): 1.00 - Excess Monthly Win Rate (Hedged against Benchmark): 55.14% - Maximum Drawdown (Hedged against Benchmark): 9.00%[4][10][11]

Market Performance - The A-share market opened high but closed lower, with the Shanghai Composite Index down by 0.4% and the ChiNext Index down by 1.12% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 17,226 billion yuan, a decrease of 20 billion yuan compared to the previous day [1] - Over 3,850 stocks in the market experienced declines [1] Sector Performance - Sectors such as lithium battery electrolyte, photovoltaic, aquaculture, e-commerce, and Nvidia-related stocks saw corrections, while coal, oil, retail, and military industries had significant declines [1] - Conversely, lithium mining, banking, and real estate sectors showed resilience and performed well [1] ETF Performance - U.S. stock indices rose overnight, with several U.S. stock ETFs leading the gains: Invesco Nasdaq Technology ETF up by 5.28%, Huaxia Nasdaq ETF up by 4.05%, and China Southern Nasdaq 100 ETF up by 3.89% [1] - The latest premium/discount rates for these ETFs were 20.06%, 9.31%, and 8.14% respectively [1] - The Nikkei 225 index rose by 2.6%, with related ETFs also showing positive performance [1] Specific Sector Trends - The innovative energy sector continued to decline, with the Innovative Energy ETF and its counterpart from E Fund down by 3.01% and 2.91% respectively [1] - The semiconductor sector faced widespread losses, with semiconductor materials, equipment, and chip equipment ETFs all down by 2% [1]

Market Performance - The Shanghai Composite Index rose by 0.38% while the ChiNext Index fell by 0.52% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.117 trillion yuan, an increase of 1.2 billion yuan compared to the previous day [1] Sector Performance - Lithium mining stocks showed repeated activity, with real estate, banking, and brokerage sectors leading in gains [1] - China Bank and Industrial and Commercial Bank of China reached historical highs [1] - The semiconductor sector experienced a decline, with semiconductor equipment ETFs falling by 1.83% and 1.79% respectively [1] ETF Performance - In the U.S. market, all three major indices closed higher, with Huaxia Fund's Nasdaq ETF, China Merchants Fund's Nasdaq 100 ETF, and Guotai Fund's Nasdaq ETF rising by 3.57%, 3.38%, and 3.27% respectively [1] - The real estate sector was active, with Guotai Fund's building materials ETF and Huabao Fund's real estate ETF increasing by 2.17% and 2.12% respectively [1] - The Nikkei 225 index rose by 3%, with ICBC Credit Suisse Fund's Nikkei ETF and Nikkei 225 ETF from E Fund increasing by 2.16% and 2.12% respectively [1] Other Notable Trends - The innovative energy sector continued to decline, with the innovative energy ETF dropping by 2.18% [1]

Core Insights - The construction materials ETF (159745) experienced a net financing inflow of 1.7081 million yuan on November 11, 2025, with a total financing balance of 17.6474 million yuan, marking a continuous net inflow of 4.7704 million yuan over the past three trading days [1][2]. Financing Activity Summary - On November 11, 2025, the financing buy-in amounted to 3.9765 million yuan, while financing repayments totaled 2.2684 million yuan, resulting in a net financing inflow of 1.7081 million yuan [1]. - The financing balance increased by 10.72% from the previous day, reaching 17.6474 million yuan [3]. - The financing balance on November 10, 2025, was 15.9393 million yuan, reflecting a 21.70% increase from the previous trading day [3]. Historical Financing Data - The financing net inflows for the past few trading days are as follows: - November 10, 2025: 2.8420 million yuan - November 7, 2025: 0.2203 million yuan - November 6, 2025: 0.8254 million yuan - November 5, 2025: -1.3358 million yuan [2][3].

Market Strategy - The market is currently experiencing a volatile rotation, with a focus on defensive strategies. It is recommended to prioritize defensive tactics while considering low-value recovery opportunities in the mid-term [2][8] - The "dumbbell strategy" is suggested as a foundational approach, balancing between high dividend yield and low volatility sectors, particularly in the traditional Chinese medicine sector [8] Style Strategy - The technology growth sector is under pressure, while cyclical consumer sectors are positioned for defensive layouts. The market is seeing rapid rotation between technology growth and low-value cyclical sectors [3][8] Industry Strategy - The construction materials industry is expected to emerge from its cyclical bottom, supported by the "Construction Materials Industry Stable Growth Work Plan (2025-2026)" which provides clear policy guidance and development momentum. This plan aims to improve supply-demand relationships and restore profitability through systematic measures [4][8] - Structural opportunities in the construction materials sector include traditional leading companies with optimized supply patterns, leaders in green and emerging materials, and pioneers in digital transformation [8] Thematic Strategy - The environmental protection sector is gaining momentum, with potential for long-term driving forces. Recent climate commitments and policy changes signal a significant shift towards green and low-carbon transitions [5][8] - Relevant stocks in the environmental sector include Xuedilong (002658) and Yongqing Environmental Protection (300187), with associated ETFs such as the Environmental ETF (512580) and Carbon Neutrality ETF (159885) [8]

Group 1 - The infrastructure investment is showing an upward trend, with the operating rate of China Petroleum's asphalt facilities at 31.50% for the week of October 23-29, 2025, an increase of 0.40 percentage points from the previous week, indicating a rise in infrastructure demand [1] - The cement price index averaged 102.54 points on October 25, 2025, a slight decrease of 0.07 points from the previous week, reflecting overall stability in the construction industry's prosperity [1] - The operating rate of major steel mills for rebar has increased by 0.33 percentage points to 43.30%, showing a correlation with infrastructure demand [1] Group 2 - The Building Materials ETF (159745) tracks the construction materials index (931009), which selects listed companies involved in the manufacturing and sales of cement, glass, ceramics, and other building materials from the Shanghai and Shenzhen markets [1] - The index constituents exhibit significant cyclical characteristics, closely related to the real estate and infrastructure sectors, with a focus on traditional manufacturing industries [1]